Billionaire Mukesh Ambani’s Reliance Industries is set to return ​to India’s rupee bond market after nearly three years, five merchant bankers told Reuters late on Monday, with what would be the largest single-tranche fundraising by a rated firm since November 2023. 

The oil-to-telecom conglomerate plans to raise ₹12,500 ‌crore ($1.32 billion) through a sale ​of five-year notes, at ​an annual coupon of 7.47%, and is set to invite bids ​from investors in the week ending September 18, according to bankers. 

The issue would be RIL’s first rupee bond offering since November 2023, when it raised ₹20,000 crore in what was the largest ​local-currency debt sale by an Indian non-financial company.

The bankers requested anonymity ‌as they are not authorised to speak to the media, while ​the company did not immediately reply to a Reuters email seeking comment outside normal business hours. 

A sharp decline in yields on up to five-year bonds ‌locally has made such funding ​cheaper than dollar debt sales, ‌the bankers added. 

The five-year government bond yield has plunged 33 ‌basis points since the start of June, mainly backed by mammoth dollar inflows ​under the central bank’s subsidised schemes. 

Flows led by those in the non-resident dollar deposit scheme pulled down ​local yields, while higher US Treasury rates lifted the cost of dollar funding for Indian borrowers.